Let's understand the key points of  Union Budget 2024 

While Smt. Nirmala Sitharaman presented the Union Budget, marking her seventh consecutive budget presentation, she set a new record, surpassing all previous records with her unprecedented streak of presentation

The budget outlined nine key priority areas, encompassing a wide range of sectors, including Agriculture, Employment, and Inclusive Development, as well as Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms, to drive comprehensive growth and development.

Although the budget presented various reforms and initiatives, it notably maintained the status quo with regards to taxation, as it did not propose any changes in tax rates for either direct or indirect taxes, thereby ensuring continuity in the current tax regime.

The budget report showcased significant improvements in taxpayer services, most notably a drastic reduction in the average processing time for tax returns, which has plummeted from a lengthy 93 days in 2013-14 to a mere 10 days in the current year, demonstrating a substantial enhancement in efficiency.

The implementation of the Goods and Services Tax (GST) has had a profound impact on the economy, as evidenced by the significant reduction in compliance burdens, the optimization of supply chains, and the decrease in prices for goods and services, all of which can be attributed to the substantial reduction in logistics costs that GST has facilitated.

The aviation sector in India has experienced remarkable growth, as evidenced by the fact that the number of airports has doubled to 149, and, in response to the surge in passenger demand, Indian carriers have placed orders for over 1,000 new aircraft, thereby significantly enhancing the country's air transport capacity.

Ever wondered how far you can stretch In a move to continue fostering innovation and attracting foreign investment, the government has extended tax benefits for startups and investments made by sovereign wealth funds for an additional year, until March 31, 2024, thereby providing a supportive environment for entrepreneurial growth and foreign capital inflows.

A comprehensive White Paper will be presented, offering a detailed analysis and insightful reflections on the country's economic trajectory, highlighting both the achievements and challenges, from the pre-2014 era to the present, thereby providing valuable lessons and a nuanced understanding of India's economic journey.

The budget placed a strong emphasis on social justice initiatives, introducing and reinforcing schemes such as the PM-KISAN program to support farmers, the PM-SVANidhi initiative to empower street vendors, and the PM-Awas Yojana to provide affordable housing, with a particular focus on uplifting women and rural communities, thereby promoting equitable growth and inclusivity.